Tax & Accounting Blog

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Form W-9 (Request for Taxpayer Identification and Certification)

In January 2011, a revised Form W-9 replaced the 2007 version, which was in use at the time.  Requesters of payee tax ID information should only use the 2011 version for new solicitations. Prior solicitations that used the older form version do not have to be replaced. Form changes include additional checkboxes (for federal tax … Read More

Document Imaging ROI – It’s More than You Think

Document Imaging ROI – It’s More than You Think

Reducing costs is one of the main goals of a trust institution when implementing a document imaging system.  But, how to calculate the Return on Investment (ROI) you’ll achieve takes some thought and research.  A document imaging system provides software for scanning, indexing, retrieving and archiving images of documents and electronic files.  It covers more than … Read More

New FATCA Notice Released – Notice 2011-53

New FATCA Notice Released – Notice 2011-53

On July 17, 2011,  the IRS released a new notice, 2011-53, which provides a ‘workable timeline for FFIs and U.S. Withholding Agents to implement the various requirements of FATCA’. Specifically: • An FFI must enter an agreement with the IRS by June 30, 2013, to ensure that it will be identified as a participating FFI … Read More

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Revised Form 8809 (Application for Extension of Time to File Information Returns)

With the release of a new version of Form 8809 in May 2011,  the field to enter a TCC was removed since it is apparently not needed with extension filings for information returns. Noted with a caution in the on-form 8809 instructions is the statement, “if you are requesting an extension for more than one filer, you must … Read More

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Understanding the Difference between Documented and Undocumented

It is important to keep in mind that, as a general rule, all US source payments made to non-US residents are subject to 30% withholding. To apply a reduced (or zero) rate of withholding, the non-US person must provide valid documentation. If your securities account is with a Withholding Agent (a Qualified Intermediary, Non-Qualified Intermediary … Read More